The ECB cut rates by 25 basis points as expected but did not signal additional moves going forward. ECB Pres. Lagarde is conducting her press conference now.
Overall, the EURUSD is marginally higher, but still needs to get and stay above the May high at 1.08944 to increase the bullish bias. Conversely a move below the 200 hour moving average at 1.08569 would increase the bearish bias
The USDJPY moved sharply lower on Tuesday and retraced the full move on Wednesday. Today the price action has been down and up. The price currently trades above its 100-day moving average near 156.12. On the top side, the 156.49 level will be available to get above and stay above to give the buyers some additional confidence at least in the short term.
Traders in the GBPUSD will be watching the 100-day moving average 1.2770 and the 200 hour moving average 1.27559 as close barometers for buyers and sellers. Move below those moving averages increases the bearish bias in the short-term. Stay above, and traders will still need to get and stay above the 1.2800 level to open the door for further upside momentum.
This article was written by Greg Michalowski at www.forexlive.com.
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